Volatility cuts both ways

Frank Costa, chairman, offshore energy committeeInternational Union of Marine Insurance

Offshore energy by its very nature is a volatile class of business. When you look at 2013 there is very little to report in terms of major catastrophe claims. We had an uneventful US windstorm season for the fifth year in a row but that is the nature of volatility – periods of calm and periods of significant activity with very little in between.